When Bitcoin was first launched in 2009, it was virtually worthless. In fact, the first ever Bitcoin transaction was made on January 12, 2009, when Satoshi Nakamoto, the mysterious creator of Bitcoin, sent 10 Bitcoin to Hal Finney, a well-known computer programmer and the first person to receive Bitcoin.
At the time, there was no price set for Bitcoin as it was a new and experimental digital currency that had not yet gained any significant traction. However, as more people began using Bitcoin and its popularity grew, its value began to increase.
By October 2009, the first Bitcoin exchange was established, allowing people to buy and sell Bitcoin for other currencies. This exchange, called New Liberty Standard, set the price of Bitcoin at $1 for every 1,309.03 BTC.
Over the next few years, the price of Bitcoin remained relatively low, with some fluctuations caused by events such as the Mt. Gox hack in 2013. It wasn’t until 2017 that the price of Bitcoin truly skyrocketed.
In December 2017, the price of Bitcoin reached an all-time high of nearly $20,000, a massive increase from its humble beginnings just a few years earlier. This price surge was caused by a combination of factors, including increased mainstream adoption of Bitcoin, the introduction of Bitcoin futures trading, and a general hype surrounding the cryptocurrency.
However, the price of Bitcoin has also experienced significant volatility, with sharp drops in value following the 2017 peak. In 2018, the price of Bitcoin fell to around $3,000, causing many to speculate that the cryptocurrency bubble had burst.
Since then, the price of Bitcoin has fluctuated but generally trended upwards. In 2020, the price of Bitcoin experienced another surge, reaching a high of over $60,000 in April 2021.
The current price of Bitcoin is determined by supply and demand on various cryptocurrency exchanges. The price can be influenced by a range of factors, including news about regulation or adoption, technological advancements, and market sentiment.
In conclusion, the price of Bitcoin when it was launched was effectively zero. Over time, as its popularity grew and more people began using it, its value increased. Today, the price of Bitcoin is determined by a range of factors and continues to be subject to significant volatility.